North Dakota Code 40-63-01 – Definitions
As used in this chapter:
Terms Used In North Dakota Code 40-63-01
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- following: when used by way of reference to a chapter or other part of a statute means the next preceding or next following chapter or other part. See North Dakota Code 1-01-49
- Individual: means a human being. See North Dakota Code 1-01-49
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Organization: includes a foreign or domestic association, business trust, corporation, enterprise, estate, joint venture, limited liability company, limited liability partnership, limited partnership, partnership, trust, or any legal or commercial entity. See North Dakota Code 1-01-49
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Partnership: includes a limited liability partnership registered under chapter 45-22. See North Dakota Code 1-01-49
- Property: includes property, real and personal. See North Dakota Code 1-01-49
- written: include "typewriting" and "typewritten" and "printing" and "printed" except in the case of signatures and when the words are used by way of contrast to typewriting and printing. See North Dakota Code 1-01-37
1. “Boundary” means the boundary established by vote of the city governing body and approved by the department of commerce division of community services.
2. “Development plan” means a written plan that addresses the criteria in subsection 1 of section 40-63-03 and includes the following:
a. A map of the proposed renaissance zone which indicates the geographic boundaries and blocks, a description of the properties and structures on each block, identification of those properties and structures to be targeted for potential zone projects, and a description of the present use and conditions of the targeted properties and structures.
b. A description of the existing physical assets, in particular natural or historical assets, of the zone and a plan for the incorporation and enhancement of the assets within the proposed development.
c. An outline of goals and objectives and proposed outcomes, including major milestones or benchmarks, by which to gauge success resulting from the designation of the zone.
d. A description of the types of projects the city would encourage in the city’s targeted properties.
e. A description of the promotion, development, and management strategies to maximize investment in the zone.
f. A plan for the development, promotion, and use of a renaissance fund organization, if one is desired to be established. If a city is not ready to commit to establishing a renaissance fund organization, the city may indicate in the renaissance zone application the city’s desire to submit a plan for approval at a later date.
g. Evidence of community support and commitment from residential and business interests. Evidence of community support must include letters of support from the governing bodies of each county and school district that contain property located within the boundaries of the proposed renaissance zone.
3. “Investor” means the individual, partnership, limited partnership, limited liability company, trust, or corporation making an investment in a renaissance fund organization.
4. “Lease” means the lease of space in a building in a designated renaissance zone by a new business moving into the zone or by an existing zone business expanding in the zone, and the continuation of a lease of an existing zone tenant in a building rehabilitated as an approved zone project. For existing zone tenants expanding in the zone, the term does not include existing leased space.
5. “Local zone authority” means the city or the entity designated by the city to promote, develop, and manage the zone and may include any nonprofit incorporated entity such as an economic development corporation, community development corporation, main street organization, or chamber of commerce.
6. “Original principal amount” means the funds invested in a renaissance fund organization after designation of the renaissance zone and before the sunset of that zone.
7. “Rehabilitation”, as used in sections 40-63-04 and 40-63-05, means the repair or remodeling of a building or public utility infrastructure at a cost that is equal to or exceeds:
a. For an income tax or property tax exemption under this chapter which exceeds five taxable years, seventy-five percent of the current true and full value for residential property, excluding owner-occupied single-family residential property, or commercial property for a business or investment purpose.
b. For an income tax or property tax exemption under this chapter of five taxable years or less, fifty percent of the current true and full value for residential property, excluding owner-occupied single-family residential property, or commercial property, for a business or investment purpose.
c. Fifty percent of the current true and full value for public utility infrastructure.
d. Twenty percent of the current true and full value for owner-occupied single-family residential property.
8. “Taxpayer” means an individual, corporation, or trust subject to the taxes imposed by chapter 57-38 and includes a partnership, subchapter S corporation, limited partnership, limited liability company, or any other passthrough entity.
9. “Zone” means a renaissance zone proposed by a city and designated by the department of commerce division of community services.
10. “Zone project” means the purchase, lease, rehabilitation, or historical preservation or renovation of a building or space in a building approved for zone incentives by a majority vote of the city governing body or zone authority.